132 Savvy ways to increase your salary and income – Your ultimate guide

People complain about their salary but do nothing. But we often forget that if you want more money, we need to do something about it.

Remind ourselves that our achievements can be a great confidence booster. Prepare a ‘business case’ and approach your manager for a pay increase.

Be bold and courageous

When you do ask for a pay increase in a manner that is tactful, strategic, and respectful, you are setting yourself up for a win-win situation — regardless of whether you get the increase or not.

Worst case scenario?

You just received excellent feedback, experience, and practice at having an important business conversation. You will be more prepared for the next time around as practice makes perfect!

If you don’t get the pay increase, a good manager should be able to explain how you need to develop further to become eligible for one in the future. This is great feedback for you to improve yourself for greater things in the future.

Best case scenario?

You just got a pay bump!

It is normal to ask

It is not greedy or entitled to ask for a salary increase. People do ask for a raise.

Even if your manager doesn’t say ‘yes’ to you, you are not likely to damage your relationship by making a respectful request especially when you are not asking for an amount that’s wildly out of sync with the market for your work and you have a track record of strong work and performance.

A pay increase is a positive recognition of your contribution

A pay increase is a positive recognition that you have contributed well in the past and will continue doing so in the future at a higher level than when your salary was last set.

It is not a favour or a gift. You have worked hard for it.

Instead, it is a way for employers to pay fair market value for your work and valuable contribution, and to keep you around. Otherwise, you will eventually resign and find a different job that does pay you competitively.

It should work both ways.

Get over your fears that you are ‘not good enough’

Don’t talk yourself out of a pay increase discussion by making up excuses in your head like “I don’t do a good enough job anyway so probably I don’t deserve one.”

These excuses are self-limiting beliefs. They should be managed or discarded.

Ask respectfully. No one will begrudge you for that.

But don’t burn any bridges

Even if you decide to get another job elsewhere, it is always important to remain professional and respectful.

Not only do you want a good reference from your manager, but you may cross paths again in the future.

Therefore, you must never burn your bridges in business!

Get into the habit of regularly asking for a pay increase

If you don’t ask for a pay increase, you will not get one automatically. Minding your own business is the key to your performance growth and financial security.

Get into the habit of raising the question of pay with your manager, at least once a year. The amount of pay you receive reflects the value you are creating or giving your employer.

This forces you to constantly evaluate your work and contribution to the employer.

But only if you want to

The choice is yours to make in terms of whether you want to know what you are worth and your valuable contribution.

You could be fearful as to the answer you will get from your manager. The reality of non-performance or not performing to the level of expectation of your manager can be a hard bitter pill to swallow.

Don’t ask if it is less than 12 months

If your salary was increased sometime in the last 12 to 18 months, expecting another one is generally not realistic. It depends on the current economic and market situation and the financial health of your employer.

There can be some exceptions to this especially if you are doing more than what was initially advertised (i.e., travelling more, taking on more responsibilities, etc.).

But for most people, expect to wait a year (or more) from the last time your salary was reviewed and revised before asking for it to be reassessed.

Don’t ask if you are making mistakes

If you have been making a lot of mistakes or your manager has not been pleased with your work, a request for a pay increase will not go over well.

You are not assessing your performance accurately.

Can’t be sacked for asking!

You cannot be sacked for asking for a pay increase especially if you are requesting for an increase that will bring your wages in line with the national minimum wage. This is your legal entitlement.

In other circumstances, you may need to weigh up your options and consequences.